🇰🇷 #SouthKoreaCryptoPolicy - A big boost for the market?

South Korea is making strong strides in transparency and strict management of the cryptocurrency market. Starting from July 19, 2024, new legislation requires politicians to declare their digital assets such as Bitcoin, Ethereum, or other tokens they own.

This marks a significant turning point in building public trust and minimizing the risks of corruption related to digital assets. Furthermore, exchanges in South Korea are under closer scrutiny to ensure compliance with KYC/AML (anti-money laundering) regulations.

At the same time, the South Korean government is also considering the issuance of a CBDC (central bank digital currency) and establishing a comprehensive legal framework for DeFi, NFT, and staking activities.

🔍 Meaning: These moves indicate that South Korea does not want to ban crypto but is working to legalize and control it intelligently.